Voltalia SA: 2022 FULL YEAR RESULTS
2022
FULL YEAR RESULTS
Stable EBITDA
Strong growth in the portfolio of plants in
operation and under construction
Major contract gains
2022 full year results
- Turnover1 :
+31%, with particularly dynamic Services
- EBITDA : stable,
with commissioning mostly taking place in H2, offsetting the
deconsolidation of VSM2 and VSM4, which were sold in November 2021,
and lower wind farm resources due to unfavorable weather
conditions
- Net result
(Group share) of - €7,2 millions
2022 records
- Record number of
commissionings (442 MW, +42%, to reach 1,571 MW in operation) and
record number of constructions launched (884 MW, +41%, to reach
1,022 MW in construction)
- Commercial
record with a gain of 1 128 MW (x3,6) new long-term power sales
contracts and record future contracted turnover at €7,8 billion
(+18%), with an average residual life of 16.5 years
- Record pipeline
of projects in development at 14.2 GW (+28%) which reflects the
strategy of geographic diversification with respectively 38%, 38%
and 24% in Latin America, Europe and Africa
Confirmation of 2023 ambitions
- Achievement by
the end of 2022, one year ahead of schedule of the 2023 target of
2.6 gigawatts of capacity in operation and under construction (+52%
vs. 2021)
- Confirmation of
the normalised EBITDA2 target of €275-300 million in 2023 with
significant visibility from contracts already signed
Reaffirmation of 2027 ambitions
- Capacity in
operation and under construction: over 5 gigawatts
- Capacity
operated on behalf of third parties: over 8 gigawatts
- Normalised
EBITDA3: approximately €475 million
- CO2-equivalent
avoided: over 4 million tonnes
Voltalia (Euronext Paris, code
ISIN: FR0011995588), an international player in
renewable energies, publishes today its consolidated annual results
for the year ended December 31, 2022. The accounts, for which audit
procedures are underway, were approved by the Board of Directors at
its meeting of March 22, 2023.
Voltalia will comment on its annual results for
2022 and its short and medium-term outlook at an information
meeting to be held today at 8:30 a.m. Paris time. The meeting will
be broadcasted via live video webcast. Full login details are
available on our website:
https://www.voltalia.com/fr/investor-relations.
“2022 turnover increased and EBITDA was stable
despite the sale in November 2021 of the VSM2 and VSM4 Brazilian
plants, in line with the strategy, and a low level of resources.
2022 was operationally very dynamic with 442 megawatts commissioned
and an increase of 884 megawatts in our plants under construction.
This enabled us to reach our target of 2.6 gigawatts a year ahead
of schedule, an increase of 52% in 2022., This momentum has
prepared 2023: the full-year effect of the 2022 commissioning, the
2023 commissioning expected of on going constructions, the
contractual indexation of turnover to inflation and the effects of
the service contracts already signed, reinforce 2023 EBITDA target.
At the same time, in order to move forward to our new 2027 target,
we are proud to have won a record 1.1 gigawatts of long-term power
sales contracts in 2022, which will be backed by new power plants,"
commented Sébastien Clerc, Voltalia’s CEO.
KEY FIGURES
|
|
|
In € million |
2022 |
2021 |
Change At current exchange
rates |
ChangeAt constant exchange
rates4 |
Turnover5 |
469.0 |
358.7 |
+31% |
+24% |
EBITDA |
137.4 |
137.6 |
stable |
-10% |
Net result, Group share |
-7.2 |
-1.3 |
na |
na |
Turnover set at €469.0 million, up +31% compared
to 2021 (+24% at constant exchange rates). Turnover from Energy
Sales increased by +18% and those from Services by +49% (after
elimination of internal sales of Services), thanks to growth in the
Development, Construction and Equipment Procurement segment (+52%)
and in the Operation & Maintenance segment (+20%).
Consolidated EBITDA set at €137.4 million,
stable compared to 2021 (-10% at constant exchange rates), impacted
by the deconsolidation of the VSM2 and VSM4 plants, sold in
November 2021, in line with the Group strategy that develops more
sites it wishes to keep, and by the decrease in wind resources.
Net income, Group share, amounted to -€7.2 million,
compared with -€1.3 million in 2021.
REVIEW OF ACTIVITIES
Energy
Sales
Financial key figures |
|
|
|
In € millionBefore eliminations of services
provided internally |
2022 |
2021 |
Change At current exchange
rates |
Change At constant exchange
rates |
Turnover |
244.7 |
207.9 |
+18% |
+6% |
EBITDA |
143.1 |
128.1 |
+12% |
+1% |
EBITDA margin |
58% |
62% |
-4pts |
-3 pts |
Operational indicators
|
2021 |
2020 |
Change |
Load Long-term average
(Voltalia) |
Factors6
Long-termaverage(national) |
Production (in GWh) |
3,680 |
4,143 |
-13% |
|
|
Installed capacity and under construction (in MW)7 |
2,592 |
1,709 |
+52% |
|
|
Wind load factor in Brazil |
42% |
49% |
-7pts |
52% |
39% |
Wind load factor in France |
22% |
29% |
-7pts |
26% |
21% |
Solar load factor in France |
18% |
17% |
+1pt |
18% |
15% |
Solar load factor in Egypt |
25% |
25% |
stable |
23% |
ND |
-
Turnover up despite lower
production
Voltalia’s operating capacity was 1,571 MW at
the end of December 2022, up to +39% year-on-year, with 442 MW
commissioned, mainly SSM1-2 in Brazil, South Farm in the UK,
Stavria in Greece and Carrière des Plaines in France, and Helexia’s
solar roofs in France, Portugal, Italy and Hungary.
However, production is down by -13% to 3.7
terawatthours between 2021 and 2022. This change is explained by
(i) the sale in November 2021 of the VSM2 and VSM4 wind farms in
Brazil, which had produced 0.6 terawatthours in 2021, (ii) the
weight of commissioning during the second half of the year, with no
full-year effect in 2022, and (iii) lower resources than in 2021
due to unfavourable wind weather in Brazil and France, with load
factors below the long-term average – but still higher than the
country average, as in every year, illustrating Voltalia’s high
selectivity for the best projects in the best locations.
Despite the decrease in production, 2022
turnover from Energy Sales is up by +18% (+6% at constant exchange
rates) at €244.7 million.
Turnover growth was driven by the increase in
the average sales price per MWh due to: (i) contractual sales
prices that are mostly indexed to inflation, (ii) the exit from the
scope of power plants with low prices per MWh, replaced by projects
with higher prices and (iii) the strengthening of the Brazilian
real.
The weighted average residual term of all
electricity sales contracts is 16.5 years, representing €7.8
billion of future contracted turnover (+18% compared to 2021). 78%
of the 2022 turnover from long-term power sales contracts is
contractually indexed to inflation. This data illustrates
Voltalia’s investment strategy, as power plants without long,
indexed contracts are generally sold before construction, as are
most subsidised projects.
Energy Sales, although impacted by a lower
resource in 2022 than the long-term average, generated an EBITDA of
€143.1 million, up to +12% (+1% at constant exchange rates).
The EBITDA margin was 58%, down -4 points. With
a wind and solar resource corresponding to the long-term average,
the EBITDA margin would have been 62%.
Services
|
|
|
|
In € millionBefore eliminations of services
provided internally |
2022 |
2021 |
Change At current exchange
rates |
Change At constant exchange
rates |
Turnover |
352.3 |
220.1 |
+60% |
+58% |
Of which internal turnover |
127.9 |
69.2 |
+85% |
+79% |
Of which external turnover |
224.3 |
150.9 |
+49% |
+49% |
EBITDA |
30.5 |
32.8 |
-7% |
-11% |
EBITDA margin |
9% |
15% |
-6pts |
-7pts |
Turnover from Services (internal and external)
set at 352.3 million, up to 60% (+58% at constant exchange
rates).
EBITDA decreased by -7% (-11% at constant
exchange rates), with an EBITDA margin of 9%, down 6 points(-7
points at constant exchange rates).
-
Development, Construction and Equipment
Procurement
The Development, Construction and Equipment
Procurement segment shows a turnover of €319.4 million, up to +66%
(+65% at constant exchange rates).
External turnover (to third party customers)
increased by +52%. The business is growing rapidly thanks to
sustained prospecting efforts. Development was driven by Brazil,
while Construction and Equipment Procurement were dynamic in Europe
and Africa. Equipment Procurement was the fastest growing business,
as European demand has been particularly strong since the start of
the war in Ukraine.
Internal turnover (eliminated on consolidation)
increased by 99% thanks to the dynamism of the new power plants
launched on the balance sheet of Voltalia and its subsidiary
Helexia.
EBITDA for the Development, Construction and
Equipment Procurement segment decreased by 11% in 2022 to €28.7
million. The EBITDA margin is 9%, down -8 points due to the
combined effect of (i) the base effect of project disposals with
the sale of VSM2 and VSM4 in 2021, (ii) inflation in the costs of
certain equipments and services and (iii) the greater relative
weight of Equipment Procurement, which is by nature low-risk and
therefore less margined, than in 2021.
- Operation
and maintenance
Turnover from the Operation & Maintenance
segment reached €32.9 million, up to +19% (+15% at constant
exchange rates). New external contracts (for third party customers)
were signed for 694 MW, including 376 MW in Europe and 318 MW in
Brazil. New internal contracts (whose turnover is eliminated in
consolidation) have followed the growth of Voltalia’s operating
power plants.
At the end of 2022, the capacity under
management for Voltalia and its third party customers is 4.4 GW
(+29%), of which 2.8 GW (+17%) is for external customers,
demonstrating the commercial success of the Group’s offering.
The segment showed €1.8 million EBITDA,
multiplied by 2.7 in 2022 (and multiplied by 2.4 at constant
exchange rates), benefiting from scale effects in a context of cost
control.
OTHER ITEMS OF THE INCOME
STATEMENT
|
|
|
Change |
In € million |
2022 |
2021 |
At actual rates |
At constant rates |
EBITDA before eliminations and corporate |
173.7 |
160.9 |
+8% |
-1% |
Eliminations and corporate |
36.3 |
23.3 |
+55% |
+54% |
EBITDA |
137.4 |
137.6 |
stable |
stable |
Depreciation, amortisation, and provisions |
-81.5 |
-75.7 |
+8% |
0% |
Operating revenue (EBIT) |
55.9 |
61.9 |
-10% |
-24% |
Financial result |
-44.9 |
-43.9 |
+2% |
10% |
Taxes and net income of equity affiliates |
-18.4 |
-16.8 |
+9% |
+5% |
Minority interests |
0.2 |
-2.5 |
na |
na |
Net result (Group
share) |
-7.2 |
-1.3 |
na |
na |
EBITDA before eliminations and corporate items
increased by +8% to €173.7 million. Eliminations were up,
reflecting the growth in internal activity. Corporate items were
also up, but at a much lower rate than overall activity,
illustrating Voltalia’s ability to generate economies of scale.
Consolidated EBITDA was €137.4 million, stable compared to
2021.
Depreciation, amortization and provisions
amounted to 81.5 million, up +8%, mainly due to the depreciation of
power plants commissioned in 2022, the full-year effect of power
plants commissioned in 2021 and the deconsolidation of VSM2 and
VSM4.
At €45 million, net financial expenses slightly
increased by +2%, reflecting the rigorous hedging policy that
provided effective protection against rising interest rates on
loans. The financial result also reflects the increase in project
debt and corporate facilities8 of which 323 million was repaid
after the capital increase.
After taking into account minority interests and
taxes, the net result, group share, amounts to -€7.2 million,
compared to -€1.3 million in 2021.
SIMPLIFIED CONSOLIDATED BALANCE
SHEET
Voltalia's balance sheet at the end of 2022
reached €3 billion, up to +44%.
In € million |
31/12/2022 |
31/12/2021 |
Goodwill |
87 |
78 |
Tangible and intangible fixed assets |
2,074 |
1,510 |
Cash and cash equivalents |
384 |
291 |
Other assets |
490 |
234 |
Total assets |
3,035 |
2,113 |
Equity, Group share |
1,232 |
672 |
Minorities |
107 |
62 |
Financial debt |
1,313 |
1,050 |
Provisions |
26 |
14 |
Other current and non-current liabilities |
357 |
315 |
Total liabilities |
3,035 |
2,113 |
With fixed assets up by +37%, the growth in the
Group's assets is essentially linked to the increase in power
plants in operation and, even more so, those under
construction.
Other assets amounted to €490 million at the end
of 2022 and were up €256 million, of which (i) €201 million mainly
corresponded to the increase in inventories, supplier advances and
trade and tax receivables due to the growth of activities,
including power plant projects under construction and (ii) €54
million increase in financial assets related to our hedging
policy.
The cash position stands at €384 million, up to
+32% compared to the end of 2021. This level compares with total
financial debt of €1,313 million at the end of 2022, up to +25%, in
line with the growth of fixed assets.
Equity is up 83%, mainly due to the successful
capital increase in December 2022.
The capital increase is also the main reason for
the decrease of about 10 points in leverage Debt
leverage9, which stands at 41%.
NEW ANNOUNCEMENTS OF
THE GROUP
Future contracted turnover up to €7.8 billion
(+18%)
Voltalia announced today that its long-term
visibility has further improved with future turnover secured by
electricity sales contracts amounting to €7.8 billion at the end of
December 2022 (+€1.2 billion vs. 2021), i.e. x16.6 of 2022
turnover. This particularly high level is the result of Voltalia's
strategy of seeking very long-term electricity sales contracts
covering most of the production of the power plants in its
portfolio.
Expansion of the portfolio of projects in
development: 14.2 GW (+28%)
Voltalia announced today that its portfolio of
projects under development, to be retained or sold with
construction and maintenance services, amounted to 14.2 GW at the
end of December 2022, an increase of +3.1 GW in one year.
Illustrating the growing importance of the geographical
diversification strategy, this portfolio is split 38%, 38% and 24%
in Latin America, Europe and Africa respectively. In terms of
technology, solar is the majority, at 65%, followed by wind at 29%
and other technologies at 6%.
In French Guiana, construction of the Sinnamary
biomass plant, an investment of €200 million
Voltalia today announced the construction of the
largest biomass power plant in French Guyana (10.6 MW). Developed,
built and owned by Voltalia, the plant will make use of the wood
immersed in the lake of the Petit-Saut dam, harvested and processed
by a Voltalia subsidiary: Triton. The project, which should be
commissioned in the first half of 2025, represents an investment of
around €200 million. The electricity produced by the biomass plant
is covered by a 25-year sales contract. Voltalia has already been
operating the Kourou (1.7 MW) and Cacao (5.1 MW) biomass plants in
French Guiana since 2011 and 2020 respectively.
New construction contracts in Ireland for 142
MW
Voltalia today announced that Power Capital, a
leading Irish independent company majority owned by French
renewable energy pioneer Omnes, has selected Voltalia to build,
operate and maintain its three photovoltaic projects in the
south-east of the Republic of Ireland with a combined capacity of
142 MW.
Increase in the amount of the recent impact
syndicated loan10
Voltalia announces today that the amount of its
recently signed impact credit facility has been increased to €280
million, with Mizuho Bank joining the banking syndicate. This new
credit line replicates the innovative framework of those put in
place in 2019 and 2021: the interest rate may be subsidised
depending on the achievement of certain Environmental, Social and
Governance (ESG) criteria. The increase announced today brings the
total amount of corporate bank credit facilities available to the
Group to €520 million.
LATEST
DEVELOPMENTS
Voltalia enters the SBF 12011
On 17 March (after the stock exchange), the
company was included in one of the main indices of the Paris Stock
Exchange, which includes the top 120 stocks listed on Euronext
Paris in terms of liquidity and market capitalisation.
Sustainalytics improves Voltalia's
extra-financial performance12
Sustainalytics (Morningstar Group), one of the
world's leading ESG rating agencies, has, for the fourth
consecutive year, ranked Voltalia among the top 10 companies in the
global renewable energy sector. The company is ranked 16th out of
704 in the utilities sector.
Start of electricity production for Helexia in
Brazil13
After signing a contract for the supply of 87 MW
of solar energy to Vivo, a subsidiary of Telefonica, based on a
series of distributed generation projects in eight Brazilian
states, Helexia successfully completed a first 4.9 MW tranche in
the municipality of Paranaíba (Mato Grosso do Sul state).
In Portugal, a corporate PPA was signed with BA
Glass and production started in Garrido14
BA Glass, a European leader in the production of
hollow glass for the beverage and food industries, will have access
to 12.4 MW to be produced by the Garrido complex. With this new
15-year contract, the entire output of the 50.6 MW complex is now
secured by long-term sales contracts. Construction started in
September 2022 and the first megawatts were commissioned in early
March 2023.
Signature with Leroy Merlin of the first
corporate PPA for a new wind power plant in
France15
The contract signed with Leroy Merlin in
February 2023 covers the production of a 23.6 MW wind farm,
currently under construction. This is the first additional
corporate PPA for wind power signed in France: it is the first time
that a company has committed to a long-term (23 years) supply from
a new wind farm dedicated to it as soon as it is commissioned.
2023 AMBITIONS
CONFIRMED
Voltalia highlights that its target of 2.6 GW of
capacity in operation and under construction, planned to be reached
by the end of 2023, was achieved at the end of
202216, one year ahead of schedule.
Voltalia also reiterates its 2023 normalised
EBITDA17 target between €275 and €300 million.Voltalia
announces that €235 million of 2023 normalised EBITDA has already
been secured by existing energy sales and services sales
contracts:
-
Approximately €223 million in its Energy Sales activity
(before eliminations), resulting from (i) the effect of the
contractual indexation of turnover on inflation for plants older
than one year, (ii) the full-year effect for plants commissioned in
2022 and (iii) the production of plants that have been and will be
commissioned in 2023 (1 GW is currently under construction, of
which 0.8 GW will start production before the end of the
year);
- Approximately €57
million in its Services activity (before eliminations) from
contracts signed by the segments (i) Development, Construction and
Equipment Procurement and (ii) Operations & Maintenance;
and
- Approximately -€45
million of eliminations and corporate items.
Voltalia expects to sign new contracts later this
year that will generate additional normalised EBITDA to achieve the
2023 target while preparing for the following years.
2027 AMBITIONS REAFFIRMED
Voltalia confirms its objectives set last
October as part of its new growth plan for 2027, namely
- Capacity in operation and construction: over 5
GW;
- Capacity operated on behalf of third parties:
over 8 GW;
- Normalised EBITDA18: around
€475 million;
- CO2-equivalent avoided: over
4 million tonnes.
ANNUAL GENERAL MEETING
The Annual General Meeting will be held 17 May
2023.
2022: EXCEPTIONAL OPERATIONAL AND
COMMERCIAL DYNAMICS
The year 2022 saw the commissioning of power plants
for a record capacity of 442 MW (+42% vs. 2021), including:
- The 320 MW SSM1-2 solar project, Voltalia's largest solar
project in the world, located in the Serra Branca complex in
Brazil, in full production since October 13, 2022;
- The 49.9 MW Southfarm solar project under the PPA signed with
the City of London Corporation, the first corporate PPA with a
public entity in the United Kingdom;
- Helexia's solar projects for a total capacity of 48 MW.
Over the same period, Voltalia started construction
of power plants to reach a record capacity under construction of
1,022 MW (+76% vs. 2021), including:
• SSM3-6 (260 MW) in the Serra Branca complex in
Brazil, the largest wind and solar complex in the world with a
potential capacity of 2.4 GW, located in the state of Rio Grande do
Norte;
• Karavasta (140 MW) in Albania, the largest solar
power plant in the Western Balkans;
• Bolobedu (148 MW), the largest renewable energy
site dedicated to a company in South Africa (148 MW), signed as
part of a corporate PPA with Richards Bay Minerals, a subsidiary of
Rio Tinto;
• The Garrido complex in Portugal (for 50.6 MW),
backed by long-term corporate PPAs, which marks Voltalia's
acceleration in the Portuguese energy production market.
The year was also marked by record commercial
momentum with a volume of long-term electricity sales contracts won
of 1,128 MW (x3.6 vs. 2021), including:
• With Renault Group, the largest renewable
electricity supply contract ever signed in France with a capacity
of 350 MW;
• With Leroy Merlin, a corporate solar PPA of 30 MW
representing 15% of its French electricity consumption.
At the same time, Voltalia has signed two strategic
and innovative partnerships:
• A co-development partnership with the Uzbek State
for an electricity complex, the first of its kind in Central Asia,
including solar, wind and battery storage capacities, with a total
power of between 400 and 500 MW;
• A partnership with the Egyptian State for the
development, financing and operation of a green hydrogen production
complex integrating wind and solar power plants, with a capacity of
15,000 tons per year of green hydrogen be extended to 150,000 tons
per year.
Installed capacity as of
December 31, 2022
In MW |
Wind |
Solar |
Biomass |
Hydro |
Hybrid |
December 31, 2022 |
December 31, 2021 |
Belgium |
|
15.2 |
|
|
|
15.2 |
15.0 |
Brazil |
732.3 |
324.0 |
|
|
12.0 |
1,068.3 |
748.3 |
Egypt |
|
32.0 |
|
|
|
32.0 |
32.0 |
France |
65.3 |
146.0 |
|
4.5 |
|
215.8 |
164.3 |
French Guiana |
|
8.3 |
6.8 |
5.4 |
13.1 |
33.6 |
29.3 |
Greece |
|
16.7 |
|
|
|
16.7 |
4.7 |
Italy |
|
14.3 |
|
|
|
14.3 |
12.6 |
Jordan |
|
57.0 |
|
|
|
57.0 |
57.0 |
Portugal |
|
20.7 |
|
|
|
20.7 |
20.0 |
Spain |
|
7.8 |
|
|
|
7.8 |
6.4 |
United Kingdom |
|
57.3 |
|
|
32.0 |
89.3 |
39.3 |
Total |
797.6 |
699.3 |
6.8 |
9.9 |
57.1 |
1,570.7 |
1,128.9 |
Capacity under construction as of
December 31, 2022
Name of the project |
Capacity |
Techno. |
Country |
Canudos 1 |
99.4 |
Wind |
Brazil |
Sud Vannier |
23.6 |
Wind |
France |
Rives Charentaises |
37.4 |
Wind |
France |
Cafesoca |
7.5 |
Hydro |
Brazil |
Bolebedu |
148.0 |
Solar |
South Africa |
Karavasta |
140.0 |
Solar |
Albania |
SSM 3-6 |
260.0 |
Solar |
Brazil |
Logelbach |
12.1 |
Solar |
France |
Montclar |
3.7 |
Solar |
France |
Sable Blanc |
5.0 |
Solar |
French Guiana |
Garrido |
50.6 |
Solar |
Portugal |
Clifton |
45.0 |
Solar |
United Kingdom |
Higher Stockbridge |
45.0 |
Solar |
United Kingdom |
Lercara Friddi |
3.4 |
Solar |
Italy |
Cap Sud |
20.9 |
Solar |
France |
Helexia |
1.2 |
Solar |
Belgium |
Helexia |
87.0 |
Solar |
Brazil |
Helexia |
0.1 |
Solar |
Spain |
Helexia |
1.7 |
Solar |
France |
Helexia |
23.7 |
Solar |
Hungary |
Helexia |
2.4 |
Solar |
Italy |
Helexia |
4.0 |
Solar |
Portugal |
Total (in MW) |
1,021.7 |
|
|
Power production as of December 31,
2022
In GWh |
Wind |
Solar |
Biomass |
Hydro |
Hybrid19 |
2022 |
2021 |
Belgium |
|
13.5 |
|
|
|
13.5 |
10.6 |
Brazil |
2,736.0 |
255.7 |
|
|
44.5 |
3,036.2 |
3,566.4 |
Egypt |
|
75.5 |
|
|
|
75.5 |
75.3 |
France |
129.2 |
154.5 |
|
7.3 |
|
291.0 |
248.7 |
French Guiana |
|
7.4 |
36.4 |
1.6 |
|
45.4 |
57.9 |
Greece |
|
22.5 |
|
|
|
22.5 |
6.8 |
Italy |
|
22.3 |
|
|
|
22.3 |
12.4 |
Jordan |
|
128.7 |
|
|
|
128.7 |
130.4 |
Portugal |
|
25.8 |
|
|
|
25.8 |
19.9 |
Spain |
|
10.1 |
|
|
|
10.1 |
6.6 |
United Kingdom |
|
8.8 |
|
|
|
8.8 |
7.8 |
Total |
2,865.2 |
724.8 |
36.4 |
8.9 |
44.5 |
3,679.8 |
4,142.8 |
CONSOLIDATED INCOME STATEMENT
(UNAUDITED)
In € thousand |
At 31 December 2022 |
At 31 December
2021(Published
figures) |
Turnover |
469,027 |
358,668 |
Purchases and sub-contracting |
(173,463) |
(119,740) |
Other operating expenses |
(139,099) |
(99,600) |
Payroll expenses |
(48,918) |
(44,584) |
Other operating income and expenses |
29,860 |
42,853 |
EBITDA |
137,407 |
137,597 |
Depreciation, amortisation, provisions and write-offs |
(73,859) |
(71,243) |
Current operating profit |
63,548 |
66,354 |
Other non-current income and expenses |
(7,641) |
(4,472) |
Operating revenue (EBIT) |
55,907 |
61,882 |
Net cost of financial debt |
(63,027) |
(50,398) |
Other financial income and expenses |
18,087 |
6,545 |
Income tax and similar taxes |
(18,132) |
(17,366) |
Share of results of companies accounted for using the equity
method |
(247) |
562 |
Net profit |
(7,412) |
1,225 |
Non-controlling interests |
238 |
(2,548) |
Group Share |
(7,174) |
(1,323) |
CONSOLIDATED BALANCE
SHEET20 (UNAUDITED)
In € thousand |
At 31 December 2022 |
At 31 December
2021(Published
figures) |
Goodwill |
86,923 |
77,767 |
Right of use |
41,389 |
43,332 |
Intangible assets in progress |
307,534 |
210,691 |
Property, plant and equipment |
1,724,645 |
1,255,870 |
Equity affiliates |
2,132 |
2,765 |
Financial assets |
8,679 |
16,646 |
Deferred tax assets |
2,086 |
1,521 |
Other non-current assets |
- |
- |
Non-current assets |
2,173,388 |
1,608,592 |
Inventories, work in progress and advances to suppliers |
187,345 |
63,038 |
Due from customers |
26,969 |
22,799 |
Trade receivables |
125,610 |
72,156 |
Financial assets |
65,113 |
10,793 |
Other current assets |
73,071 |
44,178 |
Cash and net cash equivalents |
383,557 |
291,404 |
Current assets |
861,665 |
504,368 |
Total Assets |
3,035,053 |
2,112,960 |
Equity, Group share |
1,232,412 |
671,796 |
Non-controlling interests |
106,776 |
62,404 |
Equity |
1,339,188 |
734,200 |
Non-current provisions |
17,155 |
8,521 |
Provisions for post-employment benefits |
1,014 |
1,490 |
Deferred tax liabilities |
25,898 |
16,648 |
Long-term borrowings |
1,025,212 |
882,632 |
Financial liabilities |
17,123 |
14,770 |
Other non-current liabilities |
- |
39 |
Non-current liabilities |
1 ,086,402 |
924,100 |
Current provision |
8,458 |
5,223 |
Short-term borrowings |
288,228 |
167,400 |
Due to customers |
5 388 |
5,792 |
Trade payables and other payables |
241 752 |
231,731 |
Financial liabilities |
7 652 |
15,391 |
Other current liabilities |
57 985 |
29,123 |
Current liabilities |
609,463 |
454,660 |
Total Liabilities |
3,035,053 |
2,112,960 |
Next on the agenda: Q1
2023 turnover on
April 26, 2023 (after market close)
About Voltalia
(www.voltalia.com) |
Voltalia is an international player in the renewable energy sector.
The Group produces and sells electricity generated from wind,
solar, hydraulic, biomass and storage facilities that it owns and
operates. Voltalia has a generating capacity in operation and under
construction of 2.6 GW and a portfolio of projects under
development representing a total capacity of 14.2 GW. Voltalia is
also a service provider and supports its investor clients in
renewable energy projects during all phases, from design to
operation and maintenance. As a pioneer in the corporate market,
Voltalia provides a global offer to private companies, ranging from
the supply of green electricity and energy efficiency services to
the local production of their own electricity. With more than 1,550
employees in 20 countries on 3 continents, Voltalia has the
capacity to act globally for its customers. Voltalia is listed on
the regulated market of Euronext Paris, compartment A (FR0011995588
– VLTSA) and is part of the SBF 120, EnterNext Tech 40, CAC Mid
& Small and Euronext Tech Leaders indices. The Group is also
included in the Gaïa-Index, an index for socially responsible
midcaps. |
VoltaliaInvestor Relations: invest@voltalia.comT. +33 (0)1 81 70 37
00 |
ActifinPress Contact: Jennifer Julliajjullia@actifin.fr
. T. +33 (0)1 56 88 11 19 |
1 Until 2021, the Group has recorded the proceeds
from asset disposals as "Other income" within "Total income"
(renamed "Turnover" in 2022). In June 2020, the IFRIC issued a
clarification on the classification of the disposal of intangible
assets in particular. From 2022 onwards, the Group will record
proceeds from the disposal of tangible or intangible assets in
"Other current income and expenses".
2 Estimated "normalised EBITDA" at December 31
2023, calculated with an average annual EUR/BRL exchange rate of
6.3 and a wind, solar and hydraulic resource corresponding to the
long-term average.
3 "Normalised EBITDA" estimated at December 31
2027, calculated with an average annual EUR/BRL exchange rate of
5.5 and a wind, solar and hydraulic resource corresponding to the
long-term average.4 The average EUR/BRL exchange rate at which the
2022 financial statements were prepared was 5.4 vs. 6.4 in 2021.5
See note 1.6 (Energy actually produced) / (energy that would be
produced if the plants produced 100% of the time at 100% of their
power)7 As specified in the DEU 2021 (note 3.3 - page 168).8 The
green OCEANE of €250 million is included with a coupon of 1% (cash
interest), and an IFRS accounting of a significantly higher
theoretical interest corresponding to the equivalent coupon of a
non-convertible dry bond (book interest).9 Net financial
debt/(Equity+ Net financial Debt)10 Announced in press release
dated February 7, 2023.11 Announced in press release dated March
10, 202312 Announced in press release dated January 2,
202313 Announced in press release dated March 8,
202314 Announced in press release dated March 21,
2023.15 Announced in press release dated February 21,
2023.16 Announced in press release dated January 4, 2023.17
“Normalised EBITDA” at December 31, 2023 is calculated with an
average annual EUR/BRL exchange rate of 6.3 and a long-term average
wind, solar and hydraulic resource18 “Normalised EBITDA” at
December 31, 2027 is calculated with an average annual EUR/BRL
exchange rate of 5.5 and a long-term average wind, solar and
hydraulic resource19 Including solar production from
Oiapoque 20 As at 31 December 2019, "Goodwill" and
"Equity - Group share" have been revalued by EUR 23,015 thousand to
best reflect the fair value paid in connection with the acquisition
of Helexia
- Voltalia SA : 2022 FULL-YEAR RESULTS
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